PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1467219
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1467219
The global Sodium Ion Battery Market is projected from USD 0.5 billion in 2023 to USD 1.2 billion by 2028, at a CAGR of 21.5% during the forecast period. The relatively improved safety characteristics in comparison to the lithium-ion batteries is one of the key drivers that is boosting the sodium ion battery market.
Scope of the Report | |
---|---|
Years Considered for the Study | 2019-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Billion/Million) and Volume (Kilotons) |
Segments | Sodium Ion Battery Type, Technology Type, End-use, and Region |
Regions covered | Asia Pacific, Europe, North America, Middle East & Africa, and South America |
"Aqueous sodium ion battery segment, by technology, is estimated to account for the second largest share during the forecast period".
The aqueous sodium ion battery segment is projected to secure the second-largest share in the forecast period. Despite having a lower energy density than non-aqueous choices, aqueous sodium-ion battery technology will account for the second highest share in the industry. This is because they have a strong set of benefits, including the fact that they are cheaper to create and safer by nature because they rely on water-based electrolytes.
. "Automotive, by application, is estimated to account for the fastest segment during the forecast period".
The automotive sector is rapidly adopting sodium-ion batteries as a sustainable energy storage solution, driven by the need for cleaner and more efficient transportation. These batteries offer several advantages, including high energy density, fast charging capabilities, and improved safety compared to traditional lithium-ion batteries. As the automotive industry strives to meet stringent emission regulations and consumer demand for electric vehicles (EVs) grows, the demand for sodium-ion batteries in this segment is expected to surge. Manufacturers are focusing on developing advanced materials and technologies to enhance the performance and cost-effectiveness of sodium-ion batteries.
Faradion (UK), Contemporary Amperex Technology Co., Ltd. (China), Tiamet Energy (France), HiNa Battery Technology Co., Ltd. (China) and Jiangsu Zoolnasm Energy Technology Co Ltd (China) are some of the major players operating in the sodium ion battery market. These players have adopted strategies such as acquisitions, expansions, partnerships, and agreements in order to increase their market share business revenue.
The report defines, segments, and projects the sodium ion battery market based on sodium ion battery type, technology type, end-use, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It strategically profiles, sodium ion battery manufacturers and comprehensively analyses their market shares and core competencies as well as tracks and analyzes competitive developments, such as expansions, joint ventures, agreements, and acquisitions, undertaken by them in the market.
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the sodium ion battery market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.